Franklin Resources, Inc. (NYSE:BEN) Given Average Rating of “Reduce” by Brokerages

Franklin Resources, Inc. (NYSE:BEN) has been assigned a consensus rating of “Reduce” from the eleven ratings firms that are presently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $20.66.

Several research analysts have issued reports on BEN shares. TD Cowen lowered their price objective on shares of Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Wells Fargo & Company raised their price target on Franklin Resources from $19.50 to $22.50 and gave the stock an “equal weight” rating in a report on Thursday, December 12th. Evercore ISI reduced their price objective on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a research note on Friday, October 4th. The Goldman Sachs Group lowered their target price on Franklin Resources from $23.75 to $21.25 and set a “sell” rating on the stock in a research note on Monday, September 30th. Finally, Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $19.00 price target (down from $20.00) on shares of Franklin Resources in a report on Tuesday, November 5th.

Franklin Resources Stock Up 2.1 %

Franklin Resources stock opened at $20.88 on Thursday. The stock has a market cap of $10.93 billion, a PE ratio of 24.28, a P/E/G ratio of 2.43 and a beta of 1.39. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.63 and a quick ratio of 1.63. The stock’s fifty day moving average is $21.42 and its two-hundred day moving average is $21.47. Franklin Resources has a 1-year low of $18.94 and a 1-year high of $30.32.

Franklin Resources (NYSE:BEN) last posted its earnings results on Monday, November 4th. The closed-end fund reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the business earned $0.84 earnings per share. The company’s quarterly revenue was up 11.3% on a year-over-year basis. On average, sell-side analysts expect that Franklin Resources will post 2.39 EPS for the current fiscal year.

Franklin Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Monday, December 30th will be given a $0.32 dividend. The ex-dividend date of this dividend is Monday, December 30th. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 6.13%. Franklin Resources’s dividend payout ratio (DPR) is 148.84%.

Insider Activity

In other news, insider Franklin Resources Inc sold 7,900 shares of Franklin Resources stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $43.71, for a total transaction of $345,309.00. Following the sale, the insider now directly owns 36,519 shares of the company’s stock, valued at approximately $1,596,245.49. The trade was a 17.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders sold 24,024 shares of company stock worth $1,051,375. 24.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Franklin Resources

A number of institutional investors have recently modified their holdings of BEN. Principal Financial Group Inc. boosted its holdings in shares of Franklin Resources by 9.3% in the 3rd quarter. Principal Financial Group Inc. now owns 381,192 shares of the closed-end fund’s stock valued at $7,681,000 after buying an additional 32,490 shares during the period. Retirement Systems of Alabama lifted its holdings in Franklin Resources by 2.0% in the third quarter. Retirement Systems of Alabama now owns 67,444 shares of the closed-end fund’s stock worth $1,359,000 after acquiring an additional 1,297 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Franklin Resources in the third quarter valued at approximately $118,000. Sanctuary Advisors LLC bought a new position in shares of Franklin Resources during the third quarter valued at approximately $352,000. Finally, Anchor Investment Management LLC raised its position in shares of Franklin Resources by 30.2% during the 3rd quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund’s stock worth $52,000 after purchasing an additional 604 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.

About Franklin Resources

Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.